As Europe emerges from economic crisis, a larger challenge remains: finally turning the eurozone into an optimal currency area, with economies similar enough to sustain a single monetary policy.

The West's recent growth was dependent on borrowing. Going even further into debt now won't help; instead, countries need to address the underlying flaws in their economies.

New electoral currents in Europe are threatening the German-backed fiscal responsibility pact and sparking fresh fears of debt contagion, says CFR's Sebastian Mallaby.

Martin Wolf argues that François Hollande can put the eurozone back on a path to prosperity by shifting German leaders' focus away from austerity and toward reforms coupled with symmetric adjustment of the monetary union's internal imbalances.

Peter Orszag discusses the strengthening link between high incomes and macroeconomic activity.

New questions over the wisdom of unfettered budget cuts are shifting the emphasis of eurozone crisis responses from austerity to growth, says economist Thomas Philippon.

Martin Wolf surveys the future of central banking in a world transformed both practically and theoretically by the financial crisis.

Daniel K. Tarullo, member of the Federal Reserve Board of Governors, reviews the vulnerabilities in the financial system that contributed to the crisis and compelled regulatory response, outlines key reforms adopted to date, and identifies the important regulatory tasks that remain.

Daniel K. Tarullo, member of the Federal Reserve Board of Governors, reviews the vulnerabilities in the financial system that contributed to the crisis and compelled regulatory response, outlines key reforms adopted to date, and identifies the important regulatory tasks that remain.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

Daniel K. Tarullo, member of the Federal Reserve Board of Governors, reviews the vulnerabilities in the financial system that contributed to the crisis and compelled regulatory response, outlines key reforms adopted to date, and identifies the important regulatory tasks that remain.

The C. Peter McColough Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.

In times when many countries are trying to recover after a global financial crisis, a report from the McKinsey Global Institute refutes the common myth that mature economies are losing out to emerging markets in trade and thus face increasing trade deficits.

Michael W. Hodin says the most recent crisis in the Netherlands may actualy be an opportunity for the Dutch to provide an economic model for nations to follow, where an aging population is the solution for economic growth.

Sebastian Mallaby explains how post-election gridlock could either send the U.S. economy over the edge of a "fiscal cliff" into recession or lead it down a risky road of more debt and downgrades.

Peter Orszag works through various approaches U.S. policymakers could take to head off fiscal catastrophe as a storm of tax increases, spending cuts, and a debt ceiling standoff looms at the end of the year.

Ron Fournier and Sophie Quinton write that Americans are losing faith in "the institutions that made this country great."

CFR Director of International Economics Benn Steil argues that the "Volcker rule" ban on bank proprietary trading won't prevent financial crises, and that the troubled effort to implement it should be abandoned in favor of controls on bank leverage.

After so many bungled interventions, regulatory failures, and taxpayer funds wasted, Europe seems more intent than ever on finally doing something constructive about its banking sector.

The recent decision by European finance ministers to expand the eurozone bailout funds is an important political step, but by itself will not be enough to stem the tide of the debt crisis, says EU expert Thomas Klau.

Would a breaking up of the euro invite another Great Depression? Gideon Rachman of the Financial Times explores the answers.

Charles A. Kupchan argues that the Atlantic alliance is remarkably resilient, but it must now face the urgent challenge of economic and political weakness that has descended upon the West.